Miami Lowest Unemployment Rate in Country--December 2022 (Tampa: low income, transplants, real estate market)

[elchevere]

1.9% jobless rate for the Miami metro in December 2022--lowest of a large major metro in the USA.

https://www.bls.gov/web/metro/laulrgma.htm

Perhaps the talk of NY'ers and Californians moving back en masse and the majority of native Miamians fleeing for greener pastures in Tampa, Atlanta, and elsewhere might be nothing more than a "premature evacuation".

I often take some articles from The Next Miami with a grain of salt but perhaps there is some truth to this particular article:

https://www.thenextmiami.com/huge-fl...investor-says/

We've seen the real estate market holding up thus far and it also appears the labor market is following suit--at least for now. Would be hard to imagine that the only jobs being created here are bartender and cabana boy positions as well.

[MiamiLIFE]

Originally Posted by elchevere

1.9% jobless rate for the Miami metro in December 2022--lowest of a large major metro in the USA.

https://www.bls.gov/web/metro/laulrgma.htm

Perhaps the talk of NY'ers and Californians moving back en masse and the majority of native Miamians fleeing for greener pastures in Tampa, Atlanta, and elsewhere might be nothing more than a "premature evacuation".

I often take some articles from The Next Miami with a grain of salt but perhaps there is some truth to this particular article:

https://www.thenextmiami.com/huge-fl...investor-says/

We've seen the real estate market holding up thus far and it also appears the labor market is following suit--at least for now. Would be hard to imagine that the only jobs being created here are bartender and cabana boy positions as well.

Miami kicking butt! I hired a few more down here. I landed three more private equity groups. 2023 is going to be super busy.

[CXT2000]

Originally Posted by elchevere

1.9% jobless rate for the Miami metro in December 2022--lowest of a large major metro in the USA.

https://www.bls.gov/web/metro/laulrgma.htm

Perhaps the talk of NY'ers and Californians moving back en masse and the majority of native Miamians fleeing for greener pastures in Tampa, Atlanta, and elsewhere might be nothing more than a "premature evacuation".

I often take some articles from The Next Miami with a grain of salt but perhaps there is some truth to this particular article:

https://www.thenextmiami.com/huge-fl...investor-says/

We've seen the real estate market holding up thus far and it also appears the labor market is following suit--at least for now. Would be hard to imagine that the only jobs being created here are bartender and cabana boy positions as well.

Out of that 1.9% though, how many are part timers and how many are low income? And how many make more than $125,000 a year, which is now what you have to make to live comfortably in Miami.

[elchevere]

Originally Posted by CXT2000

Out of that 1.9% though, how many are part timers and how many are low income? And how many make more than $125,000 a year, which is now what you have to make to live comfortably in Miami.

Not sure of the number of part timers.

To own a home in Miami one needs to make $126,000 but the threshold is lower for renters at $80,000.

https://www.cbsnews.com/miami/news/s...south-florida/

I will start to become concerned when we see a noticeable increase in the unemployment rate here along with a commensurate drop in real estate prices—which, to date, we haven’t. It also seems more than enough new transplants, be they domestic or foreign, continue to make up for those priced out of the area and forced to move.

For perspective, another city that is heavily dependent upon tourism, Las Vegas, has an unemployment rate more than 2.5x higher than Miami’s at 5.4%. Perhaps the fact they have less industry (minimal finance, aviation, as big a real estate development, etc) than Miami is a probable contributing factor to their higher numbers. Furthermore, Miami is far from the only metro with part time workers—plenty in other bigger and smaller ones (and their accompanying unemployment rates)..

[CXT2000]

Originally Posted by elchevere

Not sure of the number of part timers.

To own a home in Miami one needs to make $126,000 but the threshold is lower for renters at $80,000.

https://www.cbsnews.com/miami/news/s...south-florida/

I will start to become concerned when we see a noticeable increase in the unemployment rate here along with a commensurate drop in real estate prices—which, to date, we haven’t. It also seems more than enough new transplants, be they domestic or foreign, continue to make up for those priced out of the area and forced to move.

For perspective, another city that is heavily dependent upon tourism, Las Vegas, has an unemployment rate more than 2.5x higher than Miami’s at 5.4%. Perhaps the fact they have less industry (minimal finance, aviation, as big a real estate development, etc) than Miami is a probable contributing factor to their higher numbers. Furthermore, Miami is far from the only metro with part time workers—plenty in other bigger and smaller ones (and their accompanying unemployment rates)..

To me, 1.9% unemployed means squat once you factor in

1. The labour market is probably 60-70%
2. Number of Part-timers
3. How many people are low income (which is increasing dramatically)
4. Wages are not matching the increase of COL (Miami led not only in inequality, but inflation as well at more than 9%)
5. How many people are working more than one or two jobs?

I can go on, but I always scoff at these reports because they never factor in the big picture.

[elchevere]

Fair enough, but the criteria you described is applicable to other large metros—not just Miami…NYC, CA and elsewhere have their share of part timers, expensive housing and low income residents.

I, for one, would much rather see a 1.9% unemployment rate than an 8.6% rate. I still take that as positive news. The number ticked up slightly from November’s 1.5% rate, which also was the lowest in the country.

Originally Posted by CXT2000

To me, 1.9% unemployed means squat once you factor in

1. The labour market is probably 60-70%
2. Number of Part-timers
3. How many people are low income (which is increasing dramatically)
4. Wages are not matching the increase of COL (Miami led not only in inequality, but inflation as well at more than 9%)
5. How many people are working more than one or two jobs?

I can go on, but I always scoff at these reports because they never factor in the big picture.

[CXT2000]

Originally Posted by elchevere

Fair enough, but the criteria you described is applicable to other large metros—not just Miami…NYC, CA and elsewhere have their share of part timers, expensive housing and low income residents.

I, for one, would much rather see a 1.9% unemployment rate than an 8.6% rate. I still take that as positive news. The number ticked up slightly from November’s 1.5% rate, which also was the lowest in the country.

Oh yes, this POV I have is for all metrics like this. I don't care which city, I just want real numbers and accuracy.

[allenk893]

Originally Posted by MiamiLIFE

Miami kicking butt! I hired a few more down here. I landed three more private equity groups. 2023 is going to be super busy.

That is incredible. I am so excited for you guys and what's happening. Miami has been on fire for the last few years and is finally is attracting the industries that it needs to take it to the next level.